Lebanon banks to work with central bank to set daily FX rate

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Lebanon’s commercial banks will work with the central bank to determine a daily exchange rate for dollars under a new FX trading system being launched, the banking association said on Sunday.

Lebanon’s central bank said on Friday it was launching a new FX trading platform that will unify the parallel market rate for money changers, where the slumping local currency has weakened by about 50 percent from the peg since October.

The central bank also said that deposits of $3000 or less can be withdrawn in Lebanese pounds at the “market” rate, according to a central bank circular.

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